A Chicago man arrested in 2017 for running a reverse mortgage scam was arrested after authorities discovered he was still scamming seniors.
WGNTV.com reported Mark Diamond was arrested six years ago for orchestrating a reverse mortgage scam that allegedly stole $10 million from mostly elderly Black homeowners on Chicago’s West Side. Diamond pleaded not guilty to seven counts of wire fraud and was later released to home incarceration that enabled him to continue working with his residential remodeling company on the condition he stopped having interaction with his customers.
However, new charges claim Diamond returned to his miscreant behavior and obtained $826,000 from customers over the last 18 months by having them sign over the equity in their homes to him. Diamond claimed that these transactions were part of a city-sponsored home repair program, and one homeowner reportedly gave him $203,000 in cash.
A pending civil complaint is seeking to void all the victims’ mortgages because Diamond procured them through fraudulent means.
A swindler released on the honor system. Then allowed to work with a Government sponsored program. How about barring him from any loan work of any kind, and a few years in jail to boot.